The European Investment Bank auctioned emissions permits to raise funds for low-carbon energy technologies, with an emphasis on the benefits of carbon capture and storage(CCS). This was a particular benefit opportunity for Europe’s larger source of CO2 emissions.
The EU quota of emissions permits is called EU permits (EUAs). The Climate Speculator is quoted as saying: “The European Commission on Thursday said it expected to raise between €1.3 billion and €1.5 billion by October to support two to three CCS plants, plus some renewable energy projects from auctioning 200 million EUAs, the first tranche of sales to raise a total of €300 million.
It is widely seen as a disappointment that the original expectations of the EU’s original pre-crisis objective in 2007 to build 10-12 CCS projects will not happen in the timeframes. To blame , the EU financial crisis has taken us to a different place.
The EU’s emissions trading scheme caps the emissions of factories and power plants, and, since 2005 they have got most EUAs for free in a gradual transition to the market to assist the bigger polluters ranging from coal plants to steel mills. Opposition to the scheme is that bigger polluters captured windfall profits.
In the transitional process to the market, from 2013, most power plants will have to source their EUAs under State or EU-run auctions. Sales run by the European Investment Bank in 2012 were a forerunner of that, and are to raise funds for innovative low-carbon technologies and to benefit CCS technologies.
The problem that is now apparent is that the market is too readily participated in and this puts pressure on the attempts to stabilize the carbon price. To counter this the European Commission proposes to withhold permits and boost prices by “backloading” auctioning. That is delaying sales due next year until later in the 2013-2020 trading phase. This strategy is designed to maintain the EU carbon prices at no lower than €8.
CO2land org sees some parallels with the situation in Australia where political opposition oppose carbon prices, which is claimed to raise electricity prices. Do not be surprised if a new advocate springs up named something like ‘real carrot to dangle in front of ministers’ noses”.
Credit for the original story on EU ETS goes to Gerard Wynn Published 16 Jul 2012. ”The Climate Speculator source is ‘This article was originally published by Reuters. Republished with permission.’
China announced its ‘Specially Designated National Plan on Science and Technology Development in Tackling Climate Change’. The plan includes the Ten Most Critical Mitigation Technologies and Ten Most Critical Adaption Technologies that have been identified by the Chinese Government to address climate change challenges in that country.
Reported by thecleanrevolution.org on 16 July 2012, China announced its technology plan last week, and the dot points of the plan follow:
“The Ten Mitigation Technologies are:
- High efficiency super-critical power generation technology
- Holistic coal gasification-based integrated combustion-cycle technology
- Non-conventional natural gas exploration and development technology
- Large-scale renewable energy power generation, storage and grid connection technology
- New energy automobile technology and low carbon fuel substitute technology
- City energy supply and end-use energy efficiency and emission reduction technology
- Building energy saving technology
- Energy saving and scale-up technology of waste energy and waste heat in the production process of iron and steel, metallurgical, chemical and building material industries
- Carbon sink technology in agriculture, forestry, husbandry and wetland
- Carbon capture and storage technology.
The Ten Adaptation Technologies include:
- Forecast and pre-warning technology of extreme weather events
- Drought-ridden region water resource exploration and high-efficiency water utilization, and optimized allocation technology
- Drought-resistant and high-temperature-resistant plant species selection and cultivation, and pest-prevention and control technology
- Typical climate-sensitive ecosystem protection and remediation technology
- Climate change impact and risk assessment technology
- Human health integrated adaptation technology
- Typical coastal land adaptation technology
- City lifeline engineering safety guarantee technology in response to extreme weather events
- Standards and regulation amendment of some key sectors in adaptation to climate change
- Man-controlled weather manipulation technology.”
CO2Land org notes that while clear guideline are given; success towards tackling climate change relies on close partnerships between government and business, as well as among countries in the global community. They go on to say, “Tackling climate change is a game of we-are-all-in-it-together. A global-level cooperation will provide the right platform for shared innovation and know-how to accelerate the technology R&D, the application of those technologies, as well as the scale up of the applicable and feasible solutions to address the common challenge we all face today.”
Are they serious? You will be in awe that the site said “The Chinese Government invested $16.8 BILLION (RMB 107 BILLION) in Clean Energy and Efficiency in 2011”.
Report: Read more on how global consensus and collaboration can drive a clean revolution in China
Background: China’s 12th Five Year Plan